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BK Racing Bankrupt Ahead of Daytona 500

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Privately-held BK Racing, LLC filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of North Carolina, case number 18-30241. The Company is headquartered in Charlotte, NC and headed by Brenda Divine, Managing Member. BK Racing is represented in bankruptcy proceedings by James H. Henderson of The Henderson Law Firm.

According to its website, “BK Racing is a Monster Energy NASCAR Cup Series Racing Team headquartered in Charlotte, North Carolina. The team was founded in 2012 after owners Ron Devine and Wayne Press acquired Red Bull Racing. BK Racing’s staff of highly skilled mechanics and engineers fields the No.23 & 83 entries in the Monster Energy NASCAR Cup Series as a Toyota Racing team. The 2018 season will be BK Racing’s 7th consecutive full-time season in the Monster Energy NASCAR Cup Series.”

According to BK Racing’s Court-filed documents, there are 20 creditors owed money which totals over $1.2 million, and the team is estimated to have between 50 and 99 creditors. The Company cites estimated assets between $10 and $50 million.

As widely reported, “BK Racing will retain its charter in the Monster Energy NASCAR Cup Series despite filing for Chapter 11 bankruptcy. The purpose of a Chapter 11 bankruptcy is to allow an individual or business a limited time free from creditors’ collection efforts to restructure its financial obligations so it may continue to operate in a normal fashion under a court approved plan of reorganization.”

NASCAR notes, “We have a clear process around charter member governance. It is incumbent upon charter members to be ready to race and compete at the highest level. BK Racing remains the holder of the charter.”

Read more BK Racing bankruptcy news.

 

The post BK Racing Bankrupt Ahead of Daytona 500 appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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